G-8 Summit
Does "G" Stand for Goodwill or Gimcrackery?
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It took place in a cracked village that lay in ruins, perhaps symbolic of the economies of the Group of Eight developed nations that met there. What resulted was a mix of the usual cliches saturated with big statements for unity, but also some common sense and direction from the new kid on the block, one Barrack Obama.
Earthquake shattered L'Aquila, Italy hosted this latest meeting of the G-8, and offered a meaningful change from the usual pomp and circumstance these gatherings tend to display. Not for one minute could the leaders of the wealthiest nations on earth forget the state of their own countries' affairs, nor that of the global economy. All they had to do was look out the window for a reminder.
It seems mankind is hungry for change as well, as men have lifted a special bunch into command. Led by a new catalyst in the perfectly-naive-to-global-politics Barrack Obama, this charismatic bunch seems to possess the right stuff for this very special era. Nicolas Sarkozy, Angela Merkel, Hu Jintao and even Dmitry Medvedev have an important understanding of their special position in world history, and we are hopeful, a resolve to make a difference. Still, make no mistake about it, it took the bold entry of Barrack Obama to light the fire.
The greatest result of this latest G-8 summit was the understanding that it should be one of the final such gatherings. Instead, the G-8 is evolving with the developing world into a better representative grouping of humanity. President Obama said it best in his noting that a meeting of world leaders that excludes India and Brazil, and at one time China, seems somewhat irrelevant. At the previous G-20 meeting in April, German Chancellor Angela Merkel acknowledged that the G-8 was dead.
Recognition that the world's people, more so than its wealth, deserve a voice in the discussion of its future is progressive. Let's face it though, it's also sound political policy. When seeking to reverse global warming, one must include the developing industrial giants, China and India, in the discussion.
Politically speaking, each nation seeks to pay a fair price in this bold global climate change initiative, and this is where the goal finds its greatest obstacle. Developing nations argue that the developed and wealthy world should bear the economic burden of reversing a problem they mostly created. At the same time, the G-7 realizes that future contributions to global warming will be mostly driven by China and India. Each side leverages this argument to push the other, and neither seems to budge as a result.
In the past, these meetings have drawn the ire of the world's working class, and of hooligans, many of whom view the gathering as the ultimate display of arrogance. The world's richest nations get together, often determining the degree of aid that will be distributed to the world's poor, while neglecting to address so many of their own failings. That "New World Order" flavor leaves an understandably distasteful tinge to tongue of those on the lower rung.
However, with a wise expansion of the group, we expect it will gain more support from the world's general populace. The smart location of its meetings, in the midst of need rather than extravagance, will also go far in better reflecting, and perhaps setting, the group's intentions. The results are not too bad either. This latest meeting led to agreement that the global economy remains vulnerable and that the reversal of economic stimulus too soon might risk laboring its recovery. Meanwhile, additional significant stimulus was ruled out for now, but Africa will receive $20 billion in new aid from a group that is well aware of its unfulfilled promises to the continent. While the G-8 failed to find agreement on emission targets, the group reached accord to strive to reduce global temperature to at least two degrees centigrade above pre-industrial levels.
While these steps seem progressive on the surface, many, including UN Secretary General Ban Ki-moon, see them as inadequate. The UN Chief said that emission standards are, "politically and morally imperative, and a historic responsibility for the leaders, for the future of humanity." However, President Obama wisely addressed this concern, advising that, "we must fight the temptation toward cynicism, to feel the problem is so immense that somehow we cannot make strides."
As for the gatherings of leaders to resolve shared global problems, the greatest question is yet to be answered. Can men overcome political pressure and an inherent selfish tendency to gain enough willpower to strive for the good of mankind?
Please see our disclosures at the Wall Street Greek website and author bio pages found there.
Visit the front pages of Wall Street Greek and Market Moving News to see our current coverage of economic reports and financial markets.(Tickers: DIA, SPY, QQQQ, NYX, DOG, SDS, QLD, XLF, IWM, TWM, IWD, SDK)
G-8 Summit
It took place in a cracked village that lay in ruins, perhaps symbolic of the economies of the Group of Eight developed nations that met there. What resulted was a mix of the usual cliches saturated with big statements for unity, but also some common sense and direction from the new kid on the block, one Barrack Obama.Earthquake shattered L'Aquila, Italy hosted this latest meeting of the G-8, and offered a meaningful change from the usual pomp and circumstance these gatherings tend to display. Not for one minute could the leaders of the wealthiest nations on earth forget the state of their own countries' affairs, nor that of the global economy. All they had to do was look out the window for a reminder.
It seems mankind is hungry for change as well, as men have lifted a special bunch into command. Led by a new catalyst in the perfectly-naive-to-global-politics Barrack Obama, this charismatic bunch seems to possess the right stuff for this very special era. Nicolas Sarkozy, Angela Merkel, Hu Jintao and even Dmitry Medvedev have an important understanding of their special position in world history, and we are hopeful, a resolve to make a difference. Still, make no mistake about it, it took the bold entry of Barrack Obama to light the fire.
The greatest result of this latest G-8 summit was the understanding that it should be one of the final such gatherings. Instead, the G-8 is evolving with the developing world into a better representative grouping of humanity. President Obama said it best in his noting that a meeting of world leaders that excludes India and Brazil, and at one time China, seems somewhat irrelevant. At the previous G-20 meeting in April, German Chancellor Angela Merkel acknowledged that the G-8 was dead.
Recognition that the world's people, more so than its wealth, deserve a voice in the discussion of its future is progressive. Let's face it though, it's also sound political policy. When seeking to reverse global warming, one must include the developing industrial giants, China and India, in the discussion.
Politically speaking, each nation seeks to pay a fair price in this bold global climate change initiative, and this is where the goal finds its greatest obstacle. Developing nations argue that the developed and wealthy world should bear the economic burden of reversing a problem they mostly created. At the same time, the G-7 realizes that future contributions to global warming will be mostly driven by China and India. Each side leverages this argument to push the other, and neither seems to budge as a result.
In the past, these meetings have drawn the ire of the world's working class, and of hooligans, many of whom view the gathering as the ultimate display of arrogance. The world's richest nations get together, often determining the degree of aid that will be distributed to the world's poor, while neglecting to address so many of their own failings. That "New World Order" flavor leaves an understandably distasteful tinge to tongue of those on the lower rung.
However, with a wise expansion of the group, we expect it will gain more support from the world's general populace. The smart location of its meetings, in the midst of need rather than extravagance, will also go far in better reflecting, and perhaps setting, the group's intentions. The results are not too bad either. This latest meeting led to agreement that the global economy remains vulnerable and that the reversal of economic stimulus too soon might risk laboring its recovery. Meanwhile, additional significant stimulus was ruled out for now, but Africa will receive $20 billion in new aid from a group that is well aware of its unfulfilled promises to the continent. While the G-8 failed to find agreement on emission targets, the group reached accord to strive to reduce global temperature to at least two degrees centigrade above pre-industrial levels.
While these steps seem progressive on the surface, many, including UN Secretary General Ban Ki-moon, see them as inadequate. The UN Chief said that emission standards are, "politically and morally imperative, and a historic responsibility for the leaders, for the future of humanity." However, President Obama wisely addressed this concern, advising that, "we must fight the temptation toward cynicism, to feel the problem is so immense that somehow we cannot make strides."
As for the gatherings of leaders to resolve shared global problems, the greatest question is yet to be answered. Can men overcome political pressure and an inherent selfish tendency to gain enough willpower to strive for the good of mankind?
Please see our disclosures at the Wall Street Greek website and author bio pages found there.
posted by The Greek | 1:50 PM
1 Comments:
seriously, your kneeling to obama is getting ridiculous.... you now are even heralding his "bold entrance". great, the world is saved - obama made a bold entrance............
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